The pandemic has changed the way we work, and brokers have had to adapt to meet changing customer needs and expectations. MoneyPlace’s head of broker sales Alf Vasta highlights how having personal loans in their toolkit can work to a broker’s advantage in any scenario.
With the new year fast approaching and Australians enjoying more freedoms, brokers have an opportunity to help more customers with a spectrum of finance needs.
Whether they are seeking to fund delayed holidays or celebrations, strengthen their financial position or prepare for future expenses, today’s customer looks very different – as are their expectations and finance requirements.
When brokers add personal loans to their offering, they have the flexibility to offer more holistic solutions that cater for a myriad of financial needs.
- You name it, we can fund it
At MoneyPlace we are proud to say that we can fund almost anything, as long as it’s legal. We can consider anything from debt consolidation to gap finance, asset purchases, travel, medical expenses, weddings and so much more.
Increasing demand and competition in the property market means borrowers are looking for any edge they can get. A personal loan can be the secret weapon that helps your customer get ahead of the rest and into their dream home amid the chaos. Used as gap funding or to help build a deposit, purchase off the plan or lock in pre-approval, a personal loan could make the difference.
The flexibility of personal loans means they can be paired with other products as part of a custom finance option tailored to a customer’s unique circumstances. The accessibility of large loan amounts makes personal loans perfect for gap finance solutions. A customer can use a personal loan to decrease their LVR enough to avoid having to pay LMI and improve the rate on offer for a residential loan. A personal loan can also cover any unexpected costs such as stamp duty fees.
- Flexibility to suit more customers
With a MoneyPlace personal loan there is flexibility to choose a secured or unsecured loan type, loan duration and payment frequency. Customers also have the added benefit of being able to pay out the loan with no exit or discharge fees.
Consolidating multiple debts into a long-term personal loan can increase a customer’s cash flow by reducing monthly expenditure. This can set up their financial position for any future decisions such as on a home loan or asset purchase.
And, with the ability to offer up to $80,000 per person or $160,000 per household, MoneyPlace personal loans are easy and accessible, boasting some of the lowest rates on the market.
At MoneyPlace, brokers can choose between a simple secured loan and unsecured options. Secured loans have additional flexibility because they can be used for multiple purposes, not just to purchase vehicle assets.
Whatever the loan purpose, using an existing unencumbered vehicle as security, for example, can help your customer obtain a secured loan with a higher lend and possibly a lower rate. Our secured loans also have the benefit of no exit or discharge fees.
Brokers have an incredible advantage with personal loans
in their toolkit. These can offer an overall financial solution and a tool for forming long-term relationships with customers. Personal loans can be used throughout a customer’s life, whether to buy a car, tidy up their finances for their first mortgage, refinance, or meet other financial needs as circumstances change over time.
- A smarter way to refinance
For a customer looking to refinance, a top-up might be a strategy to consider. A personal loan can give them access to funds now, while a refinance might take up to four months.
For example, if a customer needs to refinance to do home renovations, a personal loan can allow them to get on with the project, and the broker can apply subsequently for the refinance with a more appealing property valuation. Once this is approved, the personal loan can be consolidated into the home loan, providing a flexible and efficient option with no exit fees.
A strength of personal loans, particularly from MoneyPlace, is their fast turnaround times. For customers who need funds in a rush, for whatever the purpose, we can turn around loans in one to two hours, with some completed in a record seven minutes.
- More referrals = more business
With the ability to offer personal loans, brokers have an increased opportunity to use their contacts to help build new market streams. They can reach out to their local suppliers, such as pool and spa providers, solar panel installers and even their local accountant to offer easy and flexible solutions to their client bases. This can provide instant business to brokers, while also helping them nurture new and referral relationships.